Five Democratic members of the Senate Finance Committee, including Chairman Ron Wyden, have written Treasury Secretary Jack Lew, urging him to implement "common sense" reforms to retirement policy as soon as possible.
Based on testimony heard before the committee in September, the senators suggested several reforms that "Treasury could make today," that, they said, would go a long way toward accelerating retirement savings, particularly with low- and moderate-income workers.
Specifically, the lawmakers claim the Employee Plans Compliance Resolution System, which requires corrective contributions from sponsors when they inadvertently fail to auto-enroll an employee, discourages employers from using automatic enrollment.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
